{"id":88048,"date":"2024-01-17T00:00:00","date_gmt":"2024-01-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uae-led-gcc-in-ipo-2024-ipo-proceeds-even-as-market-declined-regionally\/"},"modified":"2024-01-17T00:00:00","modified_gmt":"2024-01-17T00:00:00","slug":"uae-led-gcc-in-ipo-2024-ipo-proceeds-even-as-market-declined-regionally","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/01\/17\/uae-led-gcc-in-ipo-2024-ipo-proceeds-even-as-market-declined-regionally\/","title":{"rendered":"UAE led GCC in IPO 2024 IPO proceeds even as market declined regionally"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>It\u2019s a reasonably quiet morning on the business news front here at home, with key government and private-sector players in Davos for the World Economic Forum. <\/p>\n

Still, finance nerds have lots to consider<\/strong>, between Atlantic General\u2019s blockbuster acquisition yesterday of emerging markets infrastructure private equity giant Actis \u2014 and optimism on 2024 dealflow from top execs at Goldman Sachs and Morgan Stanley. <\/p>\n

And it\u2019s shaping up to be a big day for our fellow tech nerds<\/strong>, with Samsung set to unveil its latest crop of flagship smartphones and plenty of news from archrival Appe. <\/p>\n

^^ We have all of these stories and more, below. <\/p>\n

<\/a> FROM DAVOS- The government\u2019s focus for the next few years is green growth and <\/strong>decarbonization<\/strong>, Economy Minister Abdullah bin Touq al Marri told CNBC (runtime 03:17<\/a>) on the sidelines of the World Economic Forum. \u201cIn a world where we\u2019re going to [see] high inflation and high interest rates, and being realistic as well on the global challenges and crises we currently live in, I think we need a different lens on looking at economic policies,\u201d he said, referencing the need to engage more with the private sector to improve ease of doing business and reducing regulatory burdens. <\/p>\n

ALSO FROM WEF:<\/strong>The oil market could tip toward a supply crunch as early as 2025 <\/strong>as new exploration slows to the point where reserves are not discovered and brought online fast enough to meet demand, Reuters<\/a> cites Occidental Petroleum CEO Vicki Hollub as saying at the gathering. Whereas in the mid-1950s to late 1970s, discoveries of oil were five times as much as the amount of oil consumed, this ratio has fallen to 25% in 2023, Hollub said, adding that the markets are not balanced in the near term. <\/p>\n

Crude prices could trade at USD 80-85 per barrel from next year as a result<\/strong>, Hollub estimates. <\/p>\n

AND- <\/strong>Mohammed bin Rashid Al Maktoum Global Initiatives<\/a> (MBRGI) agreed to provide the UN World Food Program with AED 43 mn for direct food aid Gaza, Zawya<\/a> reports. MBRGI signed the agreement on the sidelines of the World Economic Forum.<\/p>\n

PUBLIC SERVICE ANNOUNCEMENT-<\/p>\n

Some 54 homebuilding services will be under one roof in Dubai<\/strong> when the new Integrated Housing Center launches in February, hosting 54 residential services in Nad Al Sheba\u2019s Avenue Mall, according to a Government of Dubai Media Office statement<\/a>. The center will incorporate services from four government departments: Mohammed Bin Rashid Housing Establishment<\/a>, Dubai\u2019s Roads and Transport Authority<\/a>, Dubai Municipality<\/a> and Dubai Land<\/a>. Two private sector partners \u2014 Emirates Islamic Bank<\/a> and Sobha Realty<\/a> \u2014 will also provide services to customers through the center.<\/p>\n

DATA POINTS- <\/p>\n

<\/a> #1- The UAE led the GCC in IPO proceeds in 2023, raising AED 20.2 bn in seven <\/strong>transactions<\/strong> that accounted for 54% of all funds raised last year, according<\/a> to Kuwait Financial Centre (Markaz).<\/p>\n

It wasn\u2019t a great year for IPOs in the Gulf. <\/strong>The UAE\u2019s 55% y-o-y dip in IPO value last year mirrors the 55% drop in GCC proceeds. Some 45 IPOs across the region raised USD 10.1 bn (AED 37 bn) last year. <\/p>\n

By market in the UAE:<\/strong> The Abu Dhabi Securities Exchange led in proceeds with USD 4.9 bn (AED 17.9 bn), followed by the Dubai Financial Market with USD 0.5 bn (AED 1.8 bn).<\/p>\n

Top ADX IPOs of 2023: <\/strong>Adnoc Gas (AED 9.1 bn) alone made up 25% of total GCC IPO proceeds. Pure Health\u2019s AED 3.6 bn offering and Adnoc Logistics\u2019 AED 2.8 bn listing round out the top three in the UAE. <\/p>\n

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#2- Anti-money laundering watchdog handed out AED 249 mn in fines in 2023: <\/strong>TheExecutive Office of Anti-Money Laundering and Counter Terrorism Financing\u2019s (AML\/CTF<\/a>) annual review revealed a 223% surge in the value of fines issued by the authority in the first 10 months of 2023 to some AED 246 mn, Wam reports<\/a>. The AML\/CFT Partnership Forum \u2014 a national public-private initiative set up to coordinate with private actors to curb money laundering \u2014 also saw its membership expand to over 50 members in 2023.<\/p>\n

#3- Passenger traffic at Sharjah International Airport rose to over 15.3 mn in 2023<\/strong>, up 17.4% y-o-y, according to a statement<\/a>. Air traffic increased by 12%, with more than 98k flights recorded throughout the year, the statement said. The airport handled over 141k tonnes of air cargo. <\/p>\n

#4-<\/strong>Dubai Electricity and Water Authority (Dewa) extended over 364 km of fiber optic (FO) <\/strong>ducts in 2023, <\/strong>bringing the total length of ducts in the emirate to nearly 4k km, up 10% y-o-y, reports Wam<\/a>. Dewa has injected some AED 7 bn to upgrade its FO network for its smart electricity grid, Wam adds. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> Bids are open for Dubai Metro Blue Line: <\/strong>Dubai\u2019s Road and Transport Authority (RTA) issued tender documents for the design and construction of the Dubai Metro Blue Line, valued at USD 4.9 bn, reports MEED<\/a>. Six consortiums prequalified to bid for the contract after the initial tender notice last fall. They are: <\/p>\n